On Tuesday, the Labor Department released its latest consumer price index (CPI) data for the month of January, and inflation continues to dominate the economy as an unexpected surge in prices hamstring Americans' wallets.
According to the report, the CPI increased 0.3 percent in January, making the 12-month rate 3.1 percent. The increase was higher than the expected 0.2 percent CPI increase and a 12-month rate of 2.9 percent. The Core CPI, which takes out energy and food prices, rose 0.4 percent in January, with the 12-month increase standing at 3.9 percent. The biggest contributing factor to inflation's increase came from shelter, which rose 0.6 percent, which makes it a 6.0 percent increase over the year.
The report was quickly highlighted by Republicans, with the GOP writing on X, "Today's inflation report shows that prices are now up 17.9% under Joe Biden."
Congressman Byron Donalds (R-FL) highlighted the specific products and services that saw the highest increases. "This morning, new inflation numbers were released. Inflation was up 3.1% IN JANUARY & 17.9% SINCE JOE BIDEN took office," he said. "Here are some of the largest increases: Frozen Drinks UP 29% Car Insurance UP 20.6% House Repairs UP 18.2% Sports Tickets UP 13.5% Steak UP 10.6% Vending Machines/Food Trucks UP 10.6% Veterinarian Services UP 9.6% Nonprescription Medicine UP 9.2% Baby Food UP 8.7% Financial Services UP 8.3% Car Repairs UP 7.9% Hotdogs UP 7.1% Hospital Services UP 6.7% Takeout UP 5.1%."
"The data confirms what families have long known: Biden's inflation is far from over," wrote Sen. Tom Cotton (R-AR). "Skyrocketing grocery costs, higher rents, unaffordable mortgages, and car loans—this is Bidenomics."
While inflation continues to hurt families with increasingly rising prices, the White House has attempted to spin the CPI report with White House Chief of Staff Jeff Zeints, writing, "Inflation is down. Wages, wealth, jobs are higher than before the pandemic. President Biden is fighting to lower costs. Unlike Congressional Republicans who want to cut taxes for the wealthy and large corporations and raise costs for middle class families."
Biden's economic agenda has resulted in inflation hitting the American public hard, and prices will only continue to rise throughout 2024. The prices of everyday items from groceries, rent, vehicles, and more have continued to rise throughout the Biden presidency thanks to the overspending taking place in Washington. Americans are feeling the burden of overspending as the country surpasses $34 trillion in debt.
https://twitter.com/RepDonaldsPress/status/1757421832041316850
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